The President Launches National Student Startup Policy, Aims To Foster Entrepreneurship
With an aim to promote entrepreneurship in the country, the President of India, Pranab Mukherjee has released the National Student Startup Policy at Rashtrapati Bhavan. The policy was released at an event that took place in the presence of 126 Vice Chancellors of various universities.
The policy aims at making entrepreneurship through startups a mainstream career option for students. It also aims to create 100,000 startups and 1 Mn new jobs by students by 2025.
Major Highlights of the policy are:
- Under this new programme, a new stream of engineering will now be offered and taught in participating universities called the Startup Launching and Sustaining Stream.
- If a student is able to bring about a real difference in the entrepreneurial world such as five jobs, INR 5 lakh revenue or INR 5 lakh worth of profits, or secures a patent, the student would be eligible to obtain a degree in Startup Engineering.
- The policy is in complete accordance with the Startup India plan launched earlier by the Prime Minister of the country, Narendra Modi.
- The policy has been issued under the guidelines of a six-member committee formed by AICTE and the members included Professor Dr. Akshai Aggarwal, Dr. Sunil Shukla, Mr. Sanjay Inamdar, Mr. Anil Kaul, Mr. S. A. Ramesh Rangan and Dr. Charvi Mehta.
- The policy is aimed at guiding and grooming students to take up entrepreneurial careers and successfully launch their startups. The policy highlights the areas and domains to be used, as necessary, for reorientation in academic curriculum as well as pedagogy to fulfill the needs of startups.
- The policy comes with a curriculum which will teach students subjects like entrepreneurship, basic business management, specialisations in startup management, summer and winter internships as well.
- A high-quality interactive web portal will be provided by AICTE to academic institutions along with a list of approved mentors. Startups can then identify mentors, interact with them and gain guidance.
- Under the policy, private, institute specific funds shall be encouraged to set up operations in the academic institutions and for funding startups. The Entrepreneurship Development Institute of India (EDII) has set-up a fund for its student’s startups. AICTE may give approved Early Stage Seed/Venture Capital funds to student startups.
- A ‘Student Startup Infrastructure Fund’ with an initial annual outflow of INR 20 Cr shall be set up to support startups in academic institutions. The Fund will fulfill requirements of hard and soft infrastructure of startups.
- It is estimated that (in addition to startup grant and funding support to startups) a budget of INR 433.53 Cr will be deployed to meet all expenses related to implementation of the policy at academic campuses.
With the policy, the government aims to foster and support student entrepreneurs and budding SMBs in the country, at the same time create alternative job opportunities for the same.